The developer of the high rise Centerpoint Condo's in downtown Tempe, Tempe Land Co. LLC filed a motion this week to convert their Chapter 11 Bankruptcy to a Chapter 7 filing.  This will add further delay to a project that has been delayed since the summer of 2008 when the project stopped due to lack of funding from their lender, Mortgages Limited, who then filed Bankruptcy itself.  Tempe Land owes $135 Million to Mortgages Limited.  The project will most likely be sold, and Mortgages Limited will have to decide what to do with two unfinished condo buildings standing in downtown Tempe...stand by for more information from the Bankruptcy courts.

Portland Place, located in downtown Phoenix, has reduced pricing on the last six builder condos and two Penthouses.  The new prices have condos starting from $299,464 for 1,354 square foot units.  The penthouses at 2,829 square feet have been reduced to $868,700.  Portland Place is located in the heart of the Roosevelt Historic District, and is within walking distance to Light Rail.

The still under construction 675 South Lofts in Tempe were to start sales shortly.  However due to the local market conditions the builder decided to lease out the entire project at this time until the economy improves.  Those of you wanting to buy the destinctive upscale Lofts will have to wait!  The builder is working on another project that could start in another year or two that will be less expensive and more "marketable" in this economy!

In the past lenders have not cared if you permitted an addition to your home or not.  However some lenders are now asking for permits as a condition of loan approval.  This has delayed many closings as it has caught all of us off-guard.  If you are buying a home that has had additions added to it over the years, please make sure to put in the contract that the seller will provide a valid permit for each addition.  The seller might have to have it "back permitted", that is have a permit issued for work done 5-20 years ago, and that is not a quick process in some cities, and it is not a free process either!

If you are selling a home with a guest house/casita then you may want to read this!  There is a growing trend among appraisers in the Greater Phoenix area to count the guest house/casita square footage with LESS value per square foot than the main house.  The standard practice has always been to count the guest house/casita square footage as the same as the main house per square foot.  Your home may not be worth the amount you think!

A downtown Phoenix high rise development next to Chase Field is now facing foreclosure on the 74 unsold units.  The developer of Summit at Copper Square, W Developments has sold 91 of the total 165 units.  Sterns Bank issued a Notice of Trustees sale on the unsold units last Friday for a sale to the highest bidder on October 14th.  The developer and bank could work out an agreement before the Oct. 14th date, only time will tell.

Century Plaza in midtown Phoenix is also in talks with the bank and investors about the unsold units there and is basically shut down for the moment; and one cannot help wonder how much longer 44 Monroe which has had similiar low sales figures the past year can hold out. 

Century Plaza is a converted office building standing 17 stories in midtown Phoenix right in front of a light rail station.  They sold 16 of the 156 loft style condos before M and I bank filed to get a repayment of their loan to the developer.  The sales office is closed (except by appointment), and there is also another case against the developer by former buyers who cancelled their purchase contracts but were not given earnest money deposits back by the developer.  The developer was expected to file Chapter 7 or 11 but I do not have any confirmation of that. M&I Bank and a number of invvestors are in talks on the future of this development.  If you picture this as a very large short sale, then you know it could take months to reach agreement and get this great development open again.

A new GREEN Townhome community named Contessa Bella was started near 20th St and Bell in Phoenix.  The site work was completed however no models or homes were ever built and the site and the sales office is now closed there.  The units were over-priced for the area, so I do not look for it to re-open any time soon.

Contessa Bella, a new townhome style condo development in Phoenix will open its Sales Office this Saturday.  Their hours will be 12PM to 5PM every Saturday and Sunday.  Building Beyond Green, this project is going for the green, by becoming LEED certified.  For more information visit the Contessa Bella website, call me, or visit the new community just south of Bell Road on 20th Street in Phoenix.  I will be in the Sales Office on certain days as well.   Watch for the Grand Opening in the near future.  A great chance to learn what really makes a home GREEN, and will give you a chance to save some GREEN at the same time.

The annual tour of homes in the F.Q. Story Historic District of Phoenix will be on December 6th from 6pm to 9pm, and December 7th from 11am to 5pm.  This is the 24th annual home tour, not bad for a city short on history. There will be ten homes on the tour, which by the way, will cost $15, and can be purchased at 9th Avenue and Lynwood the day of the tour or online at FQStory.org .  There will be a free trolley to take you around, and food vendors and Carolers will be there as well.